Across the country prices of newly listed properties fell by more than £7k
House prices have suffered their biggest August drop for eight years according to new figures – with Shropshire no exception.
Rightmove’s House Price Index analysis shows that the average asking price of a newly listed property dropped by two per cent (£7,360) this month – a much larger drop than would usually be seen in August.
Across the West Midlands the average price for a home sale was £298,049 – down by 0.8 per cent month on month, but up 0.7 per cent compared to 12 months ago.
Specific local prices listed by the GetAgent website show how individual Shropshire towns have fared in recent months.
The highest average asking price for a properties in the county is in Bridgnorth, at £349,411.
It is followed by Shifnal at £343,669, Ludlow at £337,578, Shrewsbury at £323,986, Newport at £291,836, Whitchurch at £282,234, Oswestry at £261,961, and Telford £250,885.
The biggest drop in asking price has come in south Shropshire; the cost of a house in Ludlow has fallen by 2.3 per cent.
Ludlow was followed by Telford which has seen a two per cent drop, Bridgnorth with a 1.9 per cent fall, Whitchurch with a 1.7 per cent fall, Shifnal with a 1.6 per cent drop, and and Oswestry, Shrewsbury, Market Drayton and Newport where the fall has been 1.5 per cent.
For those looking to get things wrapped up quickly Shifnal is the town to buy, with the average sale taking 10 weeks.
Sales in Newport and Whitchurch average at 12 weeks according to the date, followed by Oswestry and Shrewsbury at 13 weeks, Telford and Market Drayton at 14 weeks, Ludlow at 16 weeks and finally Bridgnorth at 19 weeks.
Rightmove speculated on the reasons for dropping house prices, saying: “Summer sellers are cutting prices due to the quieter holiday period, and there are also more homes for sale in August than we’ve seen at this time of year since 2014.”